Questions Regarding a Precious Metals IRA Account (Part 2)

What Investments can be Rolled Over into a Precious Metals IRA Account?

There are several investments that can be rolled over into a precious metals IRA account such as 403(b) plans, profit sharing plans, and existing IRA holdings. You can roll the following investments over by issuing the trustee of your account a transfer funds request or by pulling the investments out yourself and reinvesting them into your precious metals IRA account. If you choose to pull the investments and reinvest them into your new account you can have the same rollover status as long as you put the money in your account within 60 days, which allows you to not have any tax penalties or taxes. Many people choose to reinvest their investments into their new account because it is much quicker and you don’t have to issue a transfer funds request. After the funds are transferred you can fund your IRA account annually with the yearly-required amount. You do have the options of setting up a SEP (Simplified Employee Pension plan) for your precious metals IRA account, which would allow an annual contribution fee of $30,000 along with other possible contributions.

How do I Fund my Account?

You would choose an established and reputable company to work with where one of the precious metals experts would help you choose precious metals assets to add to your account. From there it is your decision on when you want to fund your account and if you want to fund it with the precious metals that were chosen by the expert, there is no obligation. Once you have decided to go forward with the funding and you have your metals picked out you will fund your account with cash, transfer or rollover assets and then have the trust company acquire the metals from the precious metals company that you have been working with. The law does not allow you to fund your account with coins that you already own however; you can choose to liquidate your holdings and reinvest the money into IRA metal holdings.

What types of Precious Metals can be Included in my IRA?

Prior to 1998 only gold and silver American Eagles and proof issues were allowed to be included in a precious metals account however; today you are able to include American Eagle Platinum coins and proof along with certain gold, silver, platinum, and palladium bullion that meet certain requirements. With a precious metals account you are given the freedom of what precious metals you would like to include in your account and the representative that you choose to work with will help provide you with the options of metals that you can choose from.